Sully: Vaccine prospect boosts consumer spending
SAN DIEGO (KUSI) – After a flurry of positive news reports this month about COVID-19 vaccines, people are suddenly venturing out to department stores and that’s a GOOD thing for our economy.
The three vaccines that have proved highly effective in trials – from Pfizer, Moderna and AstraZeneca – likely won’t be widely available in the U.S. until spring
But that prospect already seems to be providing at least a modest lift to consumer and business confidence and spending and the broader economy amid an otherwise bleak winter outlook.
Sully said, ” people are finally seeing the light at the end of the tunnel and they’re starting to let loose the reins of consumption. There’s no doubt the vaccine news has cheered Wall Street, with the S&P 500 index up about 3.7% since the first report on the Pfizer study was announced Nov. 9.”